PENGARUH CAPITAL STRUCTURE TERHADAP PROFITABILITAS UJI MODEL KUADRATIK PADA PERUSAHAAN SEKTOR AGRIKULTUR YANG TERDAFTAR DI BEI PERIODE 2012-2016
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Keywords:
Capital Structure, Profitability, Growth opportunities, Tangbility, ROA
Abstract
This study aims to analyze the effect of capital stucture towards profitability using return on assets (ROA) as a proxy in agriculture sector companies listed in Indonesia Stock Exchange (BEI) in the period 2012-2016. This research uses quantitative approach with quadratic regression analysis model. This study uses sample of firms which are listed on agriculture sector in IDX on 2012- 2016. The number of final samples used in this study were 15 business entities with 75 observations. The study findings suggest that the TD variables have positive and significant effect towards profitability, while the TD2variables have negative and significant effect towards profitability in agriculture sector companies BEI on the period 2012-2016.
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References
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Ghozali, Imam., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Keempat, Universitas Diponegoro
Gill, et al., 2011, The Effect of Capital Structure on Profitability : Evidence From the United States, International Journal of Management, Vol.28 No. 4 Part. 1.
Gitman dan Zuttler, 2012, Principles of Managerial Finance, 13th edition, Prentice Hall. Gujarati, Damodar, 1995, Basic Econometrics, Third Edition, New York: Mc-Graw Hill, Inc.
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Kebewar, 2013, The Effect of Debt on Corporate Profitability: Evidence from French Service Sector, Brussels Economic Review, Vol.51(1): 43-45.
Kyereboah, A, dan Coleman, 2007, The Impact of Capital Structure in the Perfomance of Microfinance Institutions, The Journal of Risk Finance, Vol.8;56-57.
Koeter-Kant, Johanna, 2003, Valuation Errors at the Time of Security Assuace and the Market Timing Theory of Capital Structure, Journal of Finance.
Megginson, W.L., 1997, Corporate Financial Theory, Addison Wesley Longman Inc. Muhardi, W.R., 2013. Analisis Laporan Keuangan: Proyeksi dan Valuasi Saham. Jakarta: Penerbit Salemba Empat.
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Sheikh, N.A., dan Wang, Z, 2013, The Impact of Capital Structure On Performance: an Empirical Study of Non-Financial Listed Firms in Pakistan, International Journal of Commerce and Management, Vol. 23 No. 4, pp. 354-368.
Sari, Dessy Handa, Atim Djazuli, dan Siti Aisjah, 2013, Determinan Struktur Modal dan Dampaknya terhadap Nilai Perusahaan (Studi pada Perusahaan Makanan dan Minuman di Bursa Efek Indonesia), Jurnal Aplikasi Manajemen, Vol. 11, No.1, Maret 2013.
Tanudjaja, V., 2011, Faktor-Faktor Yang Memepengaruhi Struktur Modal Badan Usaha Manufaktur di BEI Periode 2006-2010, Universitas Surabaya.
Vatavu, S., 2015, The Impact of Capital Structure on Financial Performance in Romanian Listed Companies, Procedia Economics and Finance, Vol. 32, pp.1314-1322.
Zeitun, R. dan G. Tian, 2007, Capital structure and corporate performance evidence from Jordan, Australasian Accounting Business & Finance Journal 1, 40-53.
https://www/idx.co.id ( Diakses pada 21 Agustus 2017) https://digilib.ubaya.ac.id (Diakses 21 Agustus 2017)
https://emeraldinsight.com.pustaka.ubaya.ac.id (Diakses pada 21 Agustus 2017)
https://sciencedirect.com.pustaka.ubaya.ac.id (Diakses pada 21 Agustus 2017)
https://wernermurhadi.wordpress.com (Diakses pada 21 Agustus 2017)
Atansil, L, 2011, studi Eksistensi Dynamic Trade-Off Capital Structure pada Badan Usaha Non-Financial di BEI Periode 2002-2009, Skripsi Universitas Surabaya.
Arifin, Zaenal. 2005, Teori Keuangan dan Pasar Modal, EKONISIA.
Babalona, Yisau Abiodun, 2012, The Effects of Optimal Capital Structure on Firms’ Performances in Neigeria, Journal of Emerging Trends in Economics and Mangament Sciences (JETEMS), 3(2):131-133.
Berenson, M. L., et al., 2012, Basic Business Statistics Concept and Aplication 12th Edition, Prentice Hall.
Bukit, Rina Br, 2012, Pengaruh Strukur Modal Terhadap Nilai Perusahaan Melalui Profitabilitas : Analisis Data Panel Perushaan Manufaktur Di Bursa Efek Indonesia, Jurnal Keuangan dan Bisnis, Vol. 4, No. 3.
Ghozali, Imam., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Keempat, Universitas Diponegoro
Gill, et al., 2011, The Effect of Capital Structure on Profitability : Evidence From the United States, International Journal of Management, Vol.28 No. 4 Part. 1.
Gitman dan Zuttler, 2012, Principles of Managerial Finance, 13th edition, Prentice Hall. Gujarati, Damodar, 1995, Basic Econometrics, Third Edition, New York: Mc-Graw Hill, Inc.
Gujarati dan Porter, 2012, Dasar-Dasar Ekonometrika, Buku 2, Jakarta: Salemba Empat
Hardiningsih, Pancawati, 2009, Determinasi Nilai Perusahaan, JAI Vol.5, No.2 :231- 250
Haruman, T., 2008, Pengaruh Struktur Kepemilikan terhadap Keputusan Keuangan dan Nilai Perushaan, Simposium Nasional Akuntansi XI, Pontianak.
Jahanzeb et al, 2014, Trade-off Theory, Pecking Order Theory and Market Timing Theory. A Comprehensive Review of Capital Structure Theories, International Journal of Management and Commerce Innovations, Volume 1 Issue 1 , pp(11- 18), University Teknologi Malaysia.
Kebewar, 2013, The Effect of Debt on Corporate Profitability: Evidence from French Service Sector, Brussels Economic Review, Vol.51(1): 43-45.
Kyereboah, A, dan Coleman, 2007, The Impact of Capital Structure in the Perfomance of Microfinance Institutions, The Journal of Risk Finance, Vol.8;56-57.
Koeter-Kant, Johanna, 2003, Valuation Errors at the Time of Security Assuace and the Market Timing Theory of Capital Structure, Journal of Finance.
Megginson, W.L., 1997, Corporate Financial Theory, Addison Wesley Longman Inc. Muhardi, W.R., 2013. Analisis Laporan Keuangan: Proyeksi dan Valuasi Saham. Jakarta: Penerbit Salemba Empat.
Muhardi, W.R., 2011, Determinan Struktur Modal: Studi di Asia Tenggara, Jurnal Manajemen dan kewirausahaan, UK Petra, Terakreditasi DIKTI, September 2011.
Modigliani, F. and Miller, M, 1963.Corporate Income Taxes and The Cost of Capital: a Correction, The American Economic Review, Vol.53: 443-53.
Manarunung, Adler Haymans, 2012, Struktur Kapital Optimal Perusahaan Manufaktur di BEI. Journal of Capital Market and Banking. Vol 1.No 2, Agustus 2012.
Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, 39, 575-592. Ross, Stephen A., Randolph W. Westerfield, dan Jeffrey Jaffe 2002. Corporate Finance 6th edition, McGraw-Hill.
Ross et al., 2010, Fundamentals of Corporate Finance, 9th edition, Mc Graw Hill Rahmawati, F.L., 2912, Pengaruh Current Ratio, Inventory Turnover, dan Debt to Equity Ratio terhadap Return On Assets. Studi pada Perusahaan Fppd dan Beverage yang Listing di Bursa Efek Indonesia Tahun 2013, Skripsi, Universitas Diponegoro.
Rosalinawati, N.M., 2015, Pengaruh Struktur Modal terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2013, Skripsi, Universitas Diponegoro.
Salim, M., dan R Yadav, 2012, Capital Structure and Firm Perfomance; Evidence from Malysian Listed Companies, Procedia Social and Behavioral Sciences, Vol 65; 156-166.
Sheikh, N.A., dan Wang, Z, 2013, The Impact of Capital Structure On Performance: an Empirical Study of Non-Financial Listed Firms in Pakistan, International Journal of Commerce and Management, Vol. 23 No. 4, pp. 354-368.
Sari, Dessy Handa, Atim Djazuli, dan Siti Aisjah, 2013, Determinan Struktur Modal dan Dampaknya terhadap Nilai Perusahaan (Studi pada Perusahaan Makanan dan Minuman di Bursa Efek Indonesia), Jurnal Aplikasi Manajemen, Vol. 11, No.1, Maret 2013.
Tanudjaja, V., 2011, Faktor-Faktor Yang Memepengaruhi Struktur Modal Badan Usaha Manufaktur di BEI Periode 2006-2010, Universitas Surabaya.
Vatavu, S., 2015, The Impact of Capital Structure on Financial Performance in Romanian Listed Companies, Procedia Economics and Finance, Vol. 32, pp.1314-1322.
Zeitun, R. dan G. Tian, 2007, Capital structure and corporate performance evidence from Jordan, Australasian Accounting Business & Finance Journal 1, 40-53.
https://www/idx.co.id ( Diakses pada 21 Agustus 2017) https://digilib.ubaya.ac.id (Diakses 21 Agustus 2017)
https://emeraldinsight.com.pustaka.ubaya.ac.id (Diakses pada 21 Agustus 2017)
https://sciencedirect.com.pustaka.ubaya.ac.id (Diakses pada 21 Agustus 2017)
https://wernermurhadi.wordpress.com (Diakses pada 21 Agustus 2017)
Published
2018-03-01
Section
Bidang Manajemen (M)
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